Key Points
- Insider sale: Peter McNamara sold 536 Tectonic Therapeutic shares for $12,349.44 at an average price of $23.04, reducing his holdings by 0.98%. The transaction occurred under a Rule 10b5-1 plan to cover tax withholding tied to vested equity awards.
- Stock performance and results: TECX opened at $22.54, with a one-year range of $14.60 to $39.53 and a market capitalization of approximately $440.7 million. The company reported a quarterly loss of $1.18 per share, beating the $1.35 consensus estimate.
- Analyst and institutional outlook: Institutional investors own 62.63% of the company, while analyst views remain mixed; the consensus rating is Moderate Buy with a $77.80 price target, despite recent rating downgrades from some firms.
Tectonic Therapeutic, Inc. (NASDAQ:TECX - Get Free Report) insider Peter Mcnamara sold 536 shares of the stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $23.04, for a total value of $12,349.44. Following the transaction, the insider directly owned 54,305 shares of the company's stock, valued at $1,251,187.20. The trade was a 0.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Peter Mcnamara also recently made the following trade(s):
- On Tuesday, August 25th, Peter Mcnamara sold 43 shares of Tectonic Therapeutic stock. The shares were sold at an average price of $36.52, for a total value of $1,570.36.
- On Wednesday, August 12th, Peter Mcnamara sold 43 shares of Tectonic Therapeutic stock. The stock was sold at an average price of $35.00, for a total value of $1,505.00.
Tectonic Therapeutic Stock Performance
Shares of TECX opened at $22.54 on Friday. Tectonic Therapeutic, Inc. has a one year low of $14.60 and a one year high of $39.53. The stock has a market capitalization of $440.66 million, a price-to-earnings ratio of -4.93 and a beta of 3.28. The stock has a 50 day moving average price of $30.21 and a 200 day moving average price of $30.34.
Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, beating the consensus estimate of ($1.35) by $0.17. On average, analysts predict that Tectonic Therapeutic, Inc. will post -5.27 earnings per share for the current year.
Hedge Funds Weigh In On Tectonic Therapeutic
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Tectonic Therapeutic in the 2nd quarter worth $29,652,000. Baker BROS. Advisors LP raised its holdings in shares of Tectonic Therapeutic by 803.4% during the 4th quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company's stock worth $18,845,000 after acquiring an additional 803,400 shares during the period. First Light Asset Management LLC purchased a new position in shares of Tectonic Therapeutic during the 1st quarter worth $20,022,000. 5AM Venture Management LLC acquired a new position in shares of Tectonic Therapeutic during the 2nd quarter valued at about $20,853,938. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Tectonic Therapeutic during the 2nd quarter valued at about $2,232,000. Institutional investors and hedge funds own 62.63% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the stock. Wall Street Zen cut shares of Tectonic Therapeutic from a "sell" rating to a "strong sell" rating in a research report on Saturday, September 19th. Zacks Research upgraded shares of Tectonic Therapeutic from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Oppenheimer reaffirmed an "outperform" rating and set a $80.00 price objective on shares of Tectonic Therapeutic in a research note on Wednesday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Tectonic Therapeutic in a report on Friday, July 17th. Finally, Wells Fargo & Company decreased their target price on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $77.80.
Check Out Our Latest Stock Report on Tectonic Therapeutic
About Tectonic Therapeutic
(
Get Free Report)
Tectonic Therapeutic, Inc is a clinical-stage biotechnology company focused on developing biologic medicines that target G protein-coupled receptors (GPCRs). These receptors play important roles in many physiological processes but have historically been difficult to address with conventional antibody-based therapies.
The company uses its proprietary GEODe platform to discover and develop antibodies and other biologics designed to modulate GPCR activity. Tectonic's pipeline includes TX45, an investigational therapeutic intended to activate the relaxin receptor RXFP1.
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